prac Flashcards
choose co-founders
social-
human-
financial-
- capital
Conflicts in Startup Teams happen when the 3Rs are misaligned
Roles
Relationships
Rewards
conflicts are always bad in a startup
t or f
false
1.Conflicts are source of alignment
2. Conflicts shape the configuration of the Startup
3. The Founders‘ Relationship is the most determining factor in the Startup configuration.
THE CLIMBER METAPHOR
choose the field
problem framing
brainstorm solutions
customer research
talk to…
oberve…
be…
you potential customer
Ground rules for interviewing
- adopt beginners mindset
- listen more than you talk
- get facts not opinions
- ask why to get motivations
- its about learning not selling
- dont mention solution to early
- follow up
- who else should i talk to
the interviewing mindset
- you dont have the answer
- your potential customer doesnt have the answer
- talk in exporation not sales mode
customer profile
pains
gain
jobs to get done
Estimating costs - Top down
Analyze industry benchmarks to estimate costs. Research what similar businesses spend on materials, production, and marketing as a percentage of their sales.
Estimating costs- bottom up
Calculate costs based on direct inputs. This includes the cost of wool per beanie, labor per hour for crafting, and any packaging and shipping costs per unit.
customer pains:
- **Undesired **outcomes, problems, and characteristics
- Obstacles
- Risks (undesired potential outcomes)
Customer gains:
- Required
- Expected
- Desired
- Unexpected
Customer jobs
- Functional
- Social
- Personal/emotional
- Supporting (purchasing and consuming)
Value map
- gain creator
- pain relievers
- products and services
The Value (Proposition) Map describes…
the features of a specific value proposition in your business model in a more structured and detailed way. It breaks your value proposition down into products and services, pain relievers, and gain creators.
products and services
Your list of products and services may also include supporting ones that help your customers perform the roles of buyer (those that help customers compare offers, decide, and buy), co-creator (those that help customers co-design value propositions), and transferrer (those that help customers dispose of a product).
Pain relievers
They explicitly outline how you intend to eliminate or reduce some of the things that annoy your customers before, during, or after they are trying to complete a job or that prevent them from doing so.
gain creators
Gain creators describe how your products and services create customer gains.
The elements of the value pyramid
- social impact
- life changing
- emotional
- functional
Transform the Value Map into a well written Value Proposition
“We offer… (Product/Service), which reduces… (Pain) & enhances… (Gain)
TYPES OF REVENUE STREAMS
- Asset Sale
- Usage Fee
- Subscription Fee
- Renting/Leasing
- Licensing
- Brokerage Fee
- Advertising
Prototype planning
- riskiest assumption
- Falsifiable hypothesis
- data collection
- indicator
Financial planning for a startup
- define goal and plan launch
- determin startup costsm(investment)
- determine monthly expences
- estimate revenue
- create cashflow projection
- calculate financing needs
1.Startup costs
WHAT WILL YOU NEED TO START YOUR PROJECT?
- Explain what you will invest in.
- Determine your initial investment cost.
- In this analysis include only your initial Fixed Costs
2.Monthly expenses
HOW MUCH DO YOU NEED TO RUN THE OPERATIONS?
- Determine your variable costs & other expenses (Team, Marketing, Materials…).
- Bottom-up Approach - identify individual expenses and add them up to arrive at a total operating cost estimate.
- Top-down Approach -Start with an overall estimate of the business’s operating costs and then break that down into
individual expenses.
3.ESTIMATE REVENUE
HOW MUCH REVENUE WILL YOU HAVE IN THE FIRST YEAR?
- Bottom-up Approach: Determine your price & how many “units” you are going to sell.
- **Top-down Approach: **Determine the market’s total size and set a realistic share of the market you will be capable of getting.
4.INCOME STATEMENT
BUILD THE INCOME STATEMENT FOR THE 1ST YEAR
* Revenues
-Variable costs: Materials, Direct Labor, Overhead costs…
* Gross Profit
-Operating Expenses: Marketing, Rent, Salaries, Depreciation…
* Net Income
5.Cash-flow statement
Mention your total Financial needs
the customer journey map is
a snapshot of how customers engage with our product or service.
Objective: design better experiences for users!
DEFINE YOUR GO-TO-MARKET STRATEGY
1.Where will you start?
a.Who are going to be your early adopters?
b.How are you reaching them?
2.Where will you go next?
a.Who are they?
b.How will you reach them?
